New down payment assistance program could make dream of homeownership a reality for Hoosiers

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INDIANAPOLIS, Ind. – If you’ve always dreamed of owning a home, turning that dream into a reality may be more achievable than you think.

Fifth Third Bank launched a program that would cover the down payment, a major obstacle for many aspiring homeowners. The homeowner must meet certain income guidelines.

If approved, Fifth Third would pay up to three percent of the mortgage from a grant. The homeowner wouldn’t have to pay it back.

“It's targeting anyone who's looking to purchase a home if they are a first time home buyer,” said Scenario Adebesin with Fifth Third. “The program does require third-party credit counseling to make sure they just aren’t getting a mortgage, but making sure they are successful with their home ownership journey.”

Fifth Third has committed $15 million to the program over the next five years. Indiana is one of twelve states participating in the initiative.